by lfaulcon

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Published May 1, 2015 in
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Presentation Slides & Transcript

Presentation Slides & Transcript

Product Opportunitywww.STCaustralia.orgFunctional Analysis

Fail fast and cheap. And learn from it. 

Effectuation LogicBorrowed from Dr. Saras SarasvathyBird-in-hand{Start With Your Means}When expert entrepreneur set out to build a new venture, they start with their means: who I am, what I know, and whom I know. Then the entrepreneurs imaging possibilities that originate from their means.Contrasts with…Pre-set goals or opportunitiesCasual reasoning works inversely by assembling means after a goal is set

Affordable Loss{Focus on the Downside Risk}Expert entrepreneurs limit risk by understanding what they can afford to lose at each step, instead of seeking large all-or-nothing opportunities. They choose goals and actions where there is upside even if the downside ends up happeningContrasts with…Expected returnCasual reasoning first targets a return, then works to minimize associated risk

Lemonade{Leverage Contingencies}Expert entrepreneurs invite the surprise factor. Instead of making ‘what-if’ scenarios to deal with worst-case scenarios, experts interpret ‘bad’ news and surprises as potential clues to create new markets. Contrasts with…Avoiding surprisesCasual reasoning works to minimize the probability of unexpected outcomes

Patchwork Quilt{Form Partnerships}Expert entrepreneurs build partnership with self-selecting stakeholders. By obtaining pre-commitments from these key partners early on in the venture, experts reduce uncertainty and co-create the new market with its interested participants. Contrasts with…Competitive AnalysisCasual reasoning presumes that competitors are rivals to contend with

Pilot-in-the-Plane{Control v Predict}By focusing on activities within their control, expert entrepreneurs know their actions will result in the desired outcomes. An effectual worldview is rooted in the belief that the future is neither found nor predicted, but rather made.Contrasts with…Inevitable trendsCasual reasoning accepts that established market forces will cause the future unfold.

Industry mappingSWOT analysisUtility analysisFive ForcesValue Chain analysisLots of Opportunity Analysis Tools

Industry MappingTKA’s Enhanced Industry Mapping

SWOT TemplateHelpfulHarmfulInternalExternalStrengthsWeaknessesOpportunitiesThreats

Product Idea GenerationTechnology Description WorksheetTPM WorksheetProduct Attribute WorksheetFurther Technical DevelopmentTEC AlgorithmProduct Description RefinementIdea Prioritisation & SummaryProduct Definition & Market DescriptionDecision

Identify many opportunities within the technical capability of the team to analysePrioritise performance-to-cost advantage over competitive products, market size or growth potential, technical risks, profit potential, etc.TEC - Ideation

Screen to identify the most promising while expending the minimum time and resourcesAssess Use standard tools to assess (industry mapping, SWOT analysis, utility analysis, Five Forces, Value Chain analysis, etc. Search for “fatal flaws” – factors that make the product less desirable n the context of the team objectivesTEC - Validation

Have we captured the best product concept?More ideas based on new info, then focusTEC – Am I Done Yet?

BrainstormDetermine whether this product fulfills a market needIdentify similar products/technologies/innovationsSearch for articles, patents, etc. Identify market barriersIndustry forecastsQuickLookStep 1 – Identify Potential Markets

Search for associations, societies, organisations in the fieldSearch databases for industry & company informationFind out who manufactures similar productsFind out who purchases the products that they sell (primary and/or secondary).Step 2 – Identify End Users & Potential Licensees

Call identified contactsTarget marketing (global view of marketplace) and R&D (similar products, ongoing research)Reconfirm data when possibleStep 3 – Contact Experts & Companies

Compile research findingsFormat: Technology descriptionPotential benefitsPotential commercial marketsMarket interestDevelopment statusPatent statusCompetitive landscapeStep 4 – Write Up & Fill HolesBarriers to Market EntryMarket MaturityRatingsRecommendations

Customer Filter Clearly identifiable customer Meaningful problem to solve Segmentable market Customer accessibility Customer alignmentPOEMKicking your idea’s tyres – all 25 of them 2. Product Filter Tight niche focus No network effect Lean method viable Team-to-market fit Inherent story

3. Economic Filter Healthy margins Demand constraints Supply constraints Sunk costs Cash flow requirements4. Timing Secular trend alignment Recent innovation enabler Market inefficiency Recent competition surge5. Competition Limited competition Competitor fitness Team fitness Defensible position Barriers to entry

DemographicsDivide larger market into groups based on several defined traits (e.g. age, race, gender, marital status, occupation, education, income)GeographicSpecific to a certain community, state, region, country or group of countriesPsychographics (Lifestyle)Identify consumers based on interests and activitiesBehaviouralBased on user behaviours, including patterns of use, price sensitivity, brand loyalty and benefits soughtBusiness SegmentationMarket Segmentation

Technology Readiness LevelPhase TRL Maturity LevelCommercial Development 9 Large-scale commercial operations 8 Semi-works-scale technology demonstrationCommercial Transition 7 Detailed engineering designViability Demonstration 6 Scale-up & pilot-scale validation Technology robustness validationTechnology Development 5 Performance enhancement/techno- economic model 4 Lab-scale development & integrationFeasibility Demonstration 3 Lab-scale experimental proof of concept 2 Technology application formulatedBasic Research 1 Promising research findingIdea 0 Idea-stage concept

Manufacturing Readiness LevelPhase MRL Maturity Level 9 Full production process qualified for full range of parts and full metrics achievedProduction Implementation 8 Full production process qualified for full range of parts 7 Capability and rate confirmed 6 Process optimised for production rate on production equipmentPre-Production 5 Basic capability demonstrated 4 Production validated in lab environment 3 Experimental proof of concept completed 2 Application & validity of concept validated or Technology Assessment demonstrated& Proving 1 Concept proposed with scientific validation

GET OUT OF YOUR OWN HEAD! Talk to potential end users and customersAsk open ended questionsAvoid confirmation bias – be open to hearing what you don’t want to hearListen, don’t talk, and DON’T PITCHAsk for introductionsWrite up your notes as quickly as possibleCustomer Development

surveysautomated customer feedback mechanismsembedded product use analyticsmarketing analyticsfeature request mechanismssales callsproduct demousability testingfocus groupsThis is NOT Customer Development

Pre-Problem-Solution Fit, you concentrate on learning as much as you can about the problem, who are the real customers (user? buyer? boss?), and possible solutions.Pre-Minimum Viable Product, you concentrate of learning, developing and testing the minimum features and functionality required o solve the problem to a degree the customer will buy.Pre-Product-Market Fit, you concentrate on learning about funnels, testing messaging and positioning, and likely iterating on product and market segment in search of P-M fit.When to Use CD

Hi [User's first name],My name is [your name]. I'm a [your role] working with [company name] on [describe the project at a high level].I'm in the Research stage and looking to learn more about [describe what you're trying to learn] from folks who have [describe what this user does that you're interested in learning about]. [This person] of [company name] suggested that, given your experience with [describe their experience], you'd have valuable insights on the project.I assure you that I am not selling you anything. I would just like to understand your perceptions of {problem you're trying to solve}. In exchange I’d be happy to tell you about some recent innovations in the {name of industry that your problem is trying to solve}. Is there a time and date that we can sit down and have a chat? 

Dr. Laura FaulconerCOOlaura@stcaustralia.org0413 467 2011 Dalmore DrScoresby, VIC 3 9763 4777Reach Out